- FET’s price climbed by 12% in the last 24 hours
- Buying pressure on the token remained high across the board though
As an experienced analyst with over two decades in the financial markets, I must say that the recent performance of Artificial Superintelligence Alliance [FET] has been nothing short of impressive. A 12% surge in just 24 hours is not something we see every day, and it’s particularly noteworthy when you consider the token’s history.
The Artificial Superintelligence Alliance (FET) has significantly outperformed various cryptocurrencies in the past 24 hours, showing a substantial rise in value by double digits. This latest surge in value even took FET’s token price above its crucial resistance level on the charts. As per AMBCrypto’s assessment, this upward trend could potentially drive the price of FET to reach around $3!
FET to $3 next?
As I pen this analysis, FET is currently trading at $1.83, marking a substantial increase of more than 12% within the past 24 hours. This surge has resulted in approximately 97,000 FET holders enjoying profits – making up over 78% of all wallets holding this cryptocurrency.
Moreover, the price surge led to a significant decrease in the token’s accumulated losses per coin, often indicating that fewer tokens were sold at a higher price compared to their current value.
Meanwhile, ZAYK Charts highlighted an interesting occurrence. According to the analyst’s tweet, the increased value of FET propelled it beyond a significant resistance point. More specifically, the token successfully breached a downward trendline, suggesting potential for further price increases in the upcoming days.
Should such an event occur, it’s possible that investors could witness the token reaching around $3 – a level it previously attained during the March 2024 market surge.
Is the road ahead clear?
Currently, the breakout seems to indicate a potential rise towards $3, but to ensure accuracy, AMBCrypto examines the token’s on-chain data to identify any potential obstacles that may lie ahead.
According to our assessment based on Santiment’s data, there has been persistent demand for FET, as indicated by an increase in FET holdings off exchanges alongside a decrease in FET supply on exchanges. This trend was further supported by a surge in FET outflows from exchanges, suggesting active buying. Nevertheless, it appears that the larger investors (whales) may have had different strategies in play.
The amount of the token held by major wallets decreased, suggesting that large investors may have offloaded their assets, potentially as a way to realize profits. Such actions are typically followed by adjustments in the market price.
Next, AMBCrypto examined the daily chart of the token. The Moving Average Convergence Divergence (MACD), a popular technical indicator, suggested a strong bullish trend in the market. Moreover, the Chaikin Money Flow (CMF) also increased on the graph.
An increase in the demand for a hike suggests that more people are looking to purchase it, leading to a widespread buildup. This trend, combined with the rise in buying pressure, implies a persistent upward movement in its price, potentially reaching $3.
Read Artificial Superintelligence Alliance [FET] Price Prediction 2024-25
At the moment of observation, I noticed that the token’s price reached the upper boundary of the Bollinger Bands. Historically, when this occurs, there might be an impending price adjustment on the horizon.
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2024-12-01 09:11